The Tesla Cybertruck has emerged as the best-selling vehicle in the United States priced over $100,000 in July 2024, marking the second month in a row it has claimed the title.
According to a recent report from Kelley Blue Book (KBB), the Cybertruck’s success is part of a broader trend of full-size pickup trucks driving up the average transaction prices (ATP) across the U.S. automotive market. In July alone, full-size pickups accounted for 14% of all vehicle sales. The Ford F-Series and Chevrolet Silverado led the overall sales, with average prices of US$67,000 and US$60,000, respectively.
However, it was the Tesla Cybertruck, alongside the GMC Hummer EV, that stood out in the luxury segment, both boasting ATPs exceeding US$111,000.
Tesla’s decision to focus on the more expensive Foundation Series Cybertruck appears to be paying off. Priced at US$99,990 All-Wheel Drive model and the US$119,990 Cyberbeast, has helped boost the Cybertruck’s ATP. This has also helped boost Tesla’s overall ATP, which in July 2024 hit US$59,593, up 11% from the previous year and marking the highest point since February 2023.
While the Cybertruck is undoubtedly a significant factor in Tesla’s increased ATP, the company’s other models are also helping. The Model 3 saw its ATP rise to US$53,878 in July 2024, a 30% increase from January of the same year. The Model Y also experienced an uplift, with its ATP reaching US$52,055, up 5% from January.
Interestingly, Tesla’s price increases are happening in a market where the average transaction prices for new vehicles have been declining. KBB reported that July 2024 marked the tenth consecutive month of year-over-year decreases in new vehicle ATPs, which averaged US$48,401. This divergence highlights Tesla’s unique position in the market, where demand for its vehicles remains strong despite broader industry trends.
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